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A loan officer in Phoenix told me my 580 score wasn't the end of the world, and it changed my whole plan.
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the_parker5mo ago
Remember how they always say to check for errors on your report? I found a medical bill from three years ago that wasn't even mine. Getting that one thing removed bumped my score almost forty points. After that, I just focused on paying down the card with the highest balance first and didn't open any new accounts for six months. The steady work history part was key, they really do want to see at least two years of consistent paychecks.
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aaron8804mo ago
@the_parker is totally right about checking for errors, but just a small thing about the work history part. They don't actually look at work history on your credit report, that's not something that shows up there. What they really want is two years of steady income, which they verify through pay stubs or tax returns, not a job history section. So it's more about showing consistent earnings over time, not necessarily being at the same company. The credit score itself is really just about your borrowing and payment history, not your employment. Still, having that steady income makes lenders feel way more comfortable approving you even with a lower score.
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owens.jenny5mo ago
Honestly, what did they say your next steps should be? A 580 is totally workable for some FHA loans if your other stuff is solid. My cousin got a place with a score in that range by just saving up a bigger down payment and showing steady work history. That officer gave you solid hope, now you gotta lock in your income and check your credit report for any easy fixes.
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davis.olivia5mo ago
So what's considered "steady work history" in this case? Like, two years at the same job, or just no gaps in employment? And what kind of easy fixes are we talking about on the credit report, just paying down a card or disputing old errors?
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